such as renovating your home office, making energy-efficient improvements or making changes due to a medical condition. If you take out a home equity loan to buy, build or improve your home, you could qualify for the home equity loan interest deduction...
Do you pay taxes when you sell a house? Understand how to calculate your taxable gain, including how to adjust for your home's cost basis, the impact of home improvements, and strategies to maximize your home-sale tax benefits under IRS rules.
When you choose the standard deduction, your taxable income will be reduced by a fixed amount. You do not take a standard deduction with itemized tax deductions for homeowners. The total of your itemized deduction will offset your taxable income, which drops your tax liability. When your potenti...
Whether you choose to pay down your debts and improve your credit score, start saving for a home, or put the money towards a down payment, your tax refund can make a big difference when it comes to getting you into the house you have always dreamed of, whether in the near future or ...
But regardless of the weather today, or six weeks from now when we’re deeper into Tax Season 2025, you need to make sure you get your filing right. If you don’t, you’ll end up being the tax version of Bill Murray in the “Groundhog Day” movie, this time reliving your tax mist...
"The Money Guy Show: Investing, Tax, Estate, Retirement, Insurance, Spending, Saving, and Wealth Building Advice" How to Buy a House When Interest Rates are High (Podcast Episode 2023) - Movies, TV, Celebs, and more...
But regardless of the weather today, or six weeks from now when we’re deeper into Tax Season 2025, you need to make sure you get your filing right. If you don’t, you’ll end up being the tax version of Bill Murray in the “Groundhog Day” movie, this time reliving your tax mist...
A land transfer tax, sometimes referred to as a property transfer tax, is one of several closing costs that must be paid when buying property in Canada. It’s important to understand how much land transfer tax might cost you — and how you’ll pay it — when you’re budgeting for a ...
Private mortgage insurance isn't necessary if you buy a house and place a 20% or more down payment. You can request that your PMI be canceled when you have 20% equity in your home and this may save you money in the long run.
The cost basis of a home can change. Reductions incost basisoccur when you receive a return of your cost. For example, you purchased a house for $250,000 and later experienced a loss from a fire. Your home insurer issues a payment of $100,000, reducing your cost basis to $150,000 ...